Questor is advising its clients to buy euros against the forint, because it sees the forint weakening to Ft 310 per euro over the next six months.
Nevertheless, the forint will later strengthen back to Ft 280 per euro, the brokerage predicts.
Announcing the name of the new prime minister alone will not strengthen the forint: for that a new government programme to tackle the crisis is required, ING Bank foreign currency trader Miklós Kolba said.
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Wow!! Some predictive power that must be for Questor, stating that in September 2009 (i.e. six months from right now), the forint will be 280 to the euro. What an amazing foresight in these times of worldwide turmoil!
Also, don’t you just love the Hungarian “political system?” The outgoing, disgraced prime minister is hand-picking and then “announcing’ his successor. No elections are needed, they are so cumbersome and arcane, anyhow.
Democracy, pure and simple — Franz Kafka style.